Nufarm settlement increases to $46.6m

AGRICULTURAL chemicals supplier Nufarm's payment to settle a class action mounted by some of its shareholders has been increased to $46.6 million.

Nufarm in August said it expected to pay $43.5 million to settle proceedings after some shareholders alleged they suffered losses because the company failed to adequately inform the market during the 2009/10 financial year.

The shareholders claimed they were insufficiently informed about the impact of the declining international glyphosate market on Nufarm's business, profitability and likely debt position at various times during the year.

Nufarm has denied the allegation, and its settlement of the class action contains no admission of liability.

The settlement payment was increased to $46.6 million because of the higher-than-anticipated number of claims, Nufarm said today.

The Federal Court in Victoria tomorrow is expected to be asked to give final approval to the settlement.